15
May
Panel: CLO secondary market – thriving or surviving?
The dynamics of the secondary market have been evolving in response to a multitude of economic and regulatory factors. This panel assembles industry experts to dissect the current state of the CLO secondary market and to deliberate on whether it’s thriving in the face of challenges or merely surviving. From liquidity trends to investor appetite, panellists will provide insights into the resilience and potential opportunities within this segment of the structured finance landscape. Panellists will discuss:
- What is the current level of liquidity and trading activity in the CLO secondary market? How have market conditions impacted the ease of buying and selling CLO securities?
- How have spread movements and pricing trends been affected in the secondary market? What is demand like and how is this driving pricing?
- Is the secondary market getting manager tiering right?
- Are new electronic trading platforms taking off? What are the roadblocks to a development that most investors have repeatedly asked for?
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SpeakersPeter Polanskyj Head of Structured Credit OBRA CAPITAL
Justin Pauley Partner, Head of CLO Capital Markets BRIGADE CAPITAL
Mehdi Kashani Head of Structured Credit ARINI
Steven Tubb Head of European Secondary CLO & ABS Trading JEFFERIES
Lisa Lee Deputy Editor CREDITFLUX
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Mr. Polanskyj is a Senior Managing Director & Head of Structured Credit for Obra Capital. Prior to joining Obra Capital in 2022, Mr. Polanskyj was Managing Director and Head of U.S. CLO Management at Sculptor Capital Management (formerly known as Och-Ziff). In this role, Mr. Polanskyj oversaw the various aspects of creating, securitizing, and managing CLOs and similarly structured products as an issuer as part of ICS. This business grew from inception in 2012 to approximately $15 billion in assets in 2022. Previously, Mr. Polanskyj held various positions at Morgan Stanley, including roles as a strategist focused on credit, structured credit, equity derivatives, and capital structure arbitrage. He also worked as an independent consultant focused on employee stock option valuation and as a Supervising Actuary for Reliance National Insurance Company. Mr. Polanskyj holds a Bachelor of Arts in Economics and Mathematics from Rutgers University, where he was named a Henry Rutgers scholar, and a Master of Business Administration from Columbia Business School.
Mr. Pauley is the Head of CLO Capital Markets. Prior to joining Brigade in 2012, Mr. Pauley led RBS’s CDO/CLO strategy platform. As a CLO strategist, Mr. Pauley focused on relative value, structural characteristics and collateral quality. In that capacity, Mr. Pauley published monthly reports on the CLO sector and provided the trading desk with analysis and information systems. Additionally, Mr. Pauley worked for Wells Fargo Securities and held various positions that included CDO Research Analyst. Mr. Pauley is the author of Unlocking Financial Data (O’Reilly Media, 2017). Mr. Pauley received a BS in Computer Science from Winthrop University.
Mehdi Kashani oversees Structured Credit at Arini. He has 19 years of experience in Structured Credit Products. Mr. Kashani joined Arini in August 2022 from BNP Paribas where he was Head of ABS and CLO Trading for 6 years. He developed and ran the European CLO and ABS secondary franchise and built the internal risk management infrastructure. The BNP Paribas trading desk won Global Capital’s Secondary ABS trading desk of the year 2020, 2021 and 2022. Prior to BNP Paribas, he was responsible for setting up the European ABS and Structured Credit desks at RBC Capital Markets in 2014. He ran that function for 2 years in addition to acting as Interim Co-Head of European Credit Trading within that period.
Previously, he was core to the development of the European ABS trading platform within Citigroup’s Global Securitised Markets franchise from 2009 to 2014. Prior to that, Mr. Kashani set-up the secondary trading desks at HBOS and Lloyds. He started his career as a Credit Investment Analyst at HBOS Treasury, where he covered the full range of Global Structured Credit products until being named a portfolio manager in 2007, managing the Structured Credit Liquidity portfolio.
Mr. Kashani graduated from City University with a BSc (Hons) in Banking and International Finance.